Broadcaster STV Group has reported a 14 per cent increase in annual pre-tax profits to £17.3 million for the 2014 year.

The Glasgow-based group said revenues rose seven per cent to £120.4 million (2013: £112.1 million) and earnings before interest, tax and costs were up seven per cent to £21.5 million (2013; £20.1 million).

The group, which resumed dividend payments last year after a seven-year hiatus, has raised its 2014 dividend 300 per cent to eight pence per share, up from two pence last year.

STV had stated last year it would aim to pay out a three pence per share dividend in 2014, subject to meeting financial targets.

The group has reported an eight per cent increase in full-year operating profits to £19.5 million, with digital revenues up 23 per cent to £5.3 million.

It notes the STV Player app has reached 1.2 million downloads, bolstered by STV's affiliation with the 2014 Fifa World Cup in Brazil, which added 480,000 stream views during the four week tournament.

The group has not provided separate figures to reflect one-off gains made from hosting World Cup games in partnership with ITV.

Digital margins are also reported to have been “maintained above target level” in the year.

However revenue from productions dipped slightly to £13.3 million against £13.5 million in 2013 and production margins dipped to three per cent, down from five per cent in 2013.

The group said Scottish advertising revenues rose 3.6 per cent to £12.6 million and national airtime revenues rose eight per cent to £77.8 million.

Looking ahead, STV said its Network Affiliate Agreement with ITV in respect of the Channel 3 network, “will provide the business with increased profit protection in the event of a weak advertising revenue market”.

The agreement means STV will pay a fixed fee for the entire network schedule, regarless of how many of the programmes it chooses to show.

STV said it reduced net debt by 18 per cent in the 2014 year, ending the year with a net debt position of £29.4 million.

The group said it amended and extended its banking facilities to June 2019 “on significantly improved terms”.

STV chief executive, Rob Woodward, said: “These are another strong set of results that show good progress against our strategic aims and growth KPIs [key performance indicators] across our consumer business.

“Our focus on our consumers, who we are serving with new and enhanced services, is enabling us to grow our commercial market share as we provide our advertisers with an increased range of ways of reaching their target markets.

“STV Productions continues to make progress in building a strong pipeline through securing returning formats.”